EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+, Exams of Nursing

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EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ Accounts Receivable - ANSWER-the money owed to a firm by its customers assumption sheet - ANSWER-an explanation in a new firm's business plan of the sources of the numbers for its financial forecast and the assumptions used to generate them Balance Sheet - ANSWER-a snapshot of a company's assets, liabilities and owner's equity at a specific point in time break-even point - ANSWER-the point where total revenue received equals total costs associated with the output budgets - ANSWER-itemized forecasts of a company's income expenses, and capital needs that are also important tools for financial planning and controlling constant ratio method of forecasting - ANSWER-a forecast approach using the precent of sales method in which expense items on a firm's income statement are expected to grow at the same rates as sales cost of sales - ANSWER-all of the direct costs associated with producing or delivering a product or service, including the material costs and direct labor costs current assets - ANSWER-cash plus items that are readily convertible to cash, such as accounts receivable, inventories, and marketable securities current liabilities - ANSWER-obligations that are payable within a year, including accounts payable, accrued expenses and the current portion of long-term debt current ratio - ANSWER-a ratio that equals the firm's current assets divided by its current liabilities debt-to-equity ratio - ANSWER-a ratio calculated by dividing the firm's long- term debt by its shareholders' equity efficiency - ANSWER-how productively a firm utilizes its assets relative to its rate of return financial management - ANSWER-the process of raising money and managing a company's finances in a way that achieves the highest rate of return EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ financial ratios - ANSWER-ratios showing the relationship between items on a firm's financial statements that are used to discern whether a firm is meeting its financial objectives and how it stacks up against industry peers financial statement - ANSWER-written reports that quantitatively describe a firm's financial health financing activities - ANSWER-activities that raise cash during a certain period by borrowing money or selling stock, and/or use cash during a certain period by paying dividends, buying back outstanding stock, or buying back outstanding bonds fixed assets - ANSWER-assets used over a longer time frame, such as real estate, buildings, equipment and furniture forecasts - ANSWER-estimates of a firm's future income and expenses, based on its past performance, its current circumstances and its future plans historical financial statements - ANSWER-reflect past performances and are usually prepared on a quarterly and annual basis income statement - ANSWER-a financial statement that reflects the results of the operations of a firm over a specified period of time: prepared on a monthly, quarterly, and annual basis inventory - ANSWER-a company's merchandise, raw materials, and products waiting to be sold investing activities - ANSWER-activities that include the purchase, sale or investment in fixed assets, such a real estate or buildings liquidity - ANSWER-the ability to sell a business or other assets quickly at a price that is close to market value; also, a company's ability to meet its short-term financial obligations long-term liabilities - ANSWER-notes or loans that are repayable beyond one year, including liabilities associated with purchasing real estate, buildings and equipment net sales - ANSWER-total sales minus allowances for returned goods and discounts operating activities - ANSWER-activities that affect net income (or loss), depreciation, and changes in current assets and current liabilities other than cash and short-term debt operating expenses - ANSWER-marketing, administrative costs, and other expenses not directly related to producing a product or service EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ board of directors, an advisory board possesses no legal responsibilities for the firm and gives non binding advice EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ board of directors - ANSWER-a panel of individuals who are elected by a corporation's shareholders to oversee the management of the firm consultant - ANSWER-an individual who gives professional or expert advice. Consultants fall into two categories: paid consultants and consultants who are made available for free or at a reduced rate through a nonprofit or governmental agency employee - ANSWER-someone who works for a business, at the business's locations or virtually, utilizing the business's tools ad equipment and according to the business's policies and procedures freelancer - ANSWER-a person who is in business for themselves, works on their own time with their own tools and equipment, and performs services for a number of different clients founding team - ANSWER-a team on individuals chosen to start a new venture; has an advantage over firms started by an individual because a team brings more talent, resources, ideas and professional contacts to a new venture than does a sole entreprenuer heterogeneous team - ANSWER-a team whose individual members are diverse in terms of the abilities and experiences homogeneous team - ANSWER-a team whose individual members' experiences and areas of expertise are very similar to one another inside director - ANSWER-a person on a firm's board of directors who is also an officer of the firm intern - ANSWER-a person who works for a business as an apprentice or trainee for the purpose of obtaining practical experience liability of newness - ANSWER-situation that often causes new firms to falter because the people who start the firms can't adjust quickly enough to their new roles, and because the firm lacks a "track record" with the customers and suppliers networking - ANSWER-building and maintaining relationships with people whose interests are similar or whose relationship could bring advantages to a firm new-venture team - ANSWER-the group of founders, key employees, and advisors that move a new venture from an idea to a fully functioning firm outside director - ANSWER-someone on a firm's board of directors who is not employed by the firm EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ prior entrepreneurial experience - ANSWER-prior start up experience; this experience has been found to be one of the most consistent predictors of the future entrepreneurial performance relevant industry experience - ANSWER-experience in the same industry as an entrepreneur's current venture that includes a network of industry contacts and an understanding of the subtleties of the industry signaling - ANSWER-the act of a high-quality individual agreeing to serve on a company's board of directors, which indicates that the individual believes that the company has the potential to be successful skills profile - ANSWER-a chart that depicts the most important skills that are needed and where skills gaps exist virtual assistant - ANSWER-a freelancer who provides administratve, technical or creative assistance to clients remotely from a home office 7(A) loan guaranty program - ANSWER-the main Small Business Administration (SBA) program available to small businesses operating through private sector lenders providing loans that are guaranteed by the SBA: loan guarantees reserved for small businesses that are unable to secure financing through normal lending channels accredited investor - ANSWER-a person who is permitted to invest in high-risk investments such as business start-ups bootstrapping - ANSWER-using creativity, ingenuity, or any means possible to obtain resources other than borrowing money or raising capital from traditional sources burn rate - ANSWER-the rate at which a company is spending its capital until it reaches profitability business angels - ANSWER-individuals who invest their personal capital directly in new ventures carry - ANSWER-the percentage of profits that the venture capitalist gets from a specific venture capital fund corporate venture capital - ANSWER-a type of capital similar to traditional venture capital, except that the money comes from corporations that invest in new ventures related to their areas of interest crowdfunding - ANSWER-a method of funding in which people pool their money and other resources, usually via the internet, to support efforts initiated by other people or organizations EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ liquidity event - ANSWER-an occurrence such as a new venture going public, finding a buyer, or being acquired by another company that converts some or all of a company's stock into cash merchant cash advance - ANSWER-a common type of alternative lending peer-to-peer lending - ANSWER-a category of financial transactions which occur directly between individuals or "peers" preliminary prospectus - ANSWER-a document issued by an investment bank that describes the potential offering to the general public while the SEC is conducting an investigation of the offering private placement - ANSWER-a variation of the IPO in which there is a direct sale of an issue of securities to a large institutional investor rewards-based crowdfunding - ANSWER-this type of funding allows entrepreneurs to raise money in exchange for some type of amenity or reward road show - ANSWER-a whirlwind tour taken by the top management team of a firm wanting to go public; consists of meetings in key cities where the firm presents its business plan to groups of investors rounds - ANSWER-stages of subsequent investments made in a firm by investors Sarbanes-Oxley Act - ANSWER-a federal law that was passed in response to corporate accounting scandals involving prominent corporations, like Enron and WorldCom SBA Guaranteed Loan Program - ANSWER-an important source of funding for small businesses in general in which approximately 50% of the 9000 banks in the United States participate SBIR Program - ANSWER-Small Business Innovation Research competitive grant program that provides over $1 billion per year to small businesses for early stage and development projects secondary marketing offering - ANSWER-any later public insurance of shares after the initial public offering single-purpose loan - ANSWER-one common type of loan in which a specific amount of money is borrowed that must be repaid in a fixed amount of time with interest STTR program - ANSWER-a government grant program, similar to the SBIR program, which requires the participation of a research organization, such as a research university or a federal laboratory EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ sweat equity - ANSWER-the value of the time and effort that a founder puts into a new firm vendor credit - ANSWER-a form of credit in which a vendor extends credit to a business in order to allow the business to buy its products and/or services upfront but defer payment until later venture capital - ANSWER-the money that is invested by venture capital firms in start ups and small businesses with exceptional growth potential venture-leasing firms - ANSWER-firms that act as brokers, bringing the parties involved in a lease together (e.g. firms acquainted with the producers with new ventures that are in need of the equipment) advertising - ANSWER-making people aware of a product or service in hopes of persuading them to buy it brand - ANSWER-the set of attributes - positive or negative - that people associate with a company brand equity - ANSWER-the set of assets and liabilities that is linked to a brand and enables it to raise a firm's valuation brand management - ANSWER-a program that protects the image and value of an organization's brand in consumer's minds buzz - ANSWER-an awareness and sense of anticipation about a company and its offerings cost-based pricing - ANSWER-a pricing method in which the list price is determined by adding a markup percentage to the product's cost disintermediation - ANSWER-the process of eliminating layers of intermediaries, such as distributors and retailers, to sell directly to customers distribution channel - ANSWER-the route a product takes from the place it is made to the customer who is the end user exclusive distribution arrangements - ANSWER-an agreement that gives a retailer or other intermediary the exclusive rights to sell a company's products in a specific area for a specific period of time guerilla marketing - ANSWER-a low budget approach to marketing that relies on ingenuity, cleverness and surprise rather than traditional technique EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ market segmentation - ANSWER-the process of studying the industry in which a firm intends to compete to determine the different potential target markets in that industry marketing mix - ANSWER-the set of controllable, tactical marketing tools that a firm uses to produce the response it wants in the target market; typically organized around the four Ps- product, price, promotion and place niche market - ANSWER-a place within a large market segment that represents a narrow group of customers with similar interests place - ANSWER-the marketing mix category that encompasses all of the activities that move a firm's product from its place of origin to the customer press kit - ANSWER-a folder typically distributed to journalists and made available online that contains background information about a company and includes a list of the company's most recent accomplishments price - ANSWER-the amount of money consumers pay to buy a product; one of the four Ps in the marketing mix price-quality attribution - ANSWER-the assumption consumers naturally make that the higher price product is also the better quality product product - ANSWER-the element of the marketing mix that is the good or service a company offers to its target market; often thought of as something having physical form product attribute map - ANSWER-a map that illustrates a firm's positioning strategy relative to it's major rivals promotion - ANSWER-the marketing mix category that includes he activities planned by a company to communicate the merits of its product to its target market with the goal of persuading people to buy the product public relations - ANSWER-the efforts a company makes to establish and maintain a certain image with the public through networking with journalists and others to try to interest them in saying or writing good things about the company and its products reference account - ANSWER-an early user of a firm's product who is willing to give a testimonial regarding his or her experience with the product sales process - ANSWER-the systematic process a business engages in to identify prospects and close sales service - ANSWER-an activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ derivative works - ANSWER-works that are new renditions of something that is already copyrighted, which is also cpyrightable design patents - ANSWER-the second most common type of patent covering the invention of new, original and ornamental designs for manufactured products Economic Espionage Act - ANSWER-passed in 1996, an act that makes theft of trade secrets a crime fair use - ANSWER-the limited use of copyright material for purposes such as criticism, comment, news reporting, teaching or scholarship idea-expression dichotomy - ANSWER-the legal principle describing the concept that although an idea is not able to be copyrighted, the specific expression of an idea intellectual property - ANSWER-any product of human intellect, imagination, creativity or inventiveness that is intangible but has value in the marketplace and can be protected through tools such as patents, trademarks, copyrights, and trade secrets intellectual property audit - ANSWER-a firm's assessment of the intellectual property it owns intent-to-use trademark application - ANSWER-an application based on the applicant's intent to register and use a trademark Lanham Act - ANSWER-an act of Congress, passed in 1946, that spells out what is protected under trademark law one year after first use deadline - ANSWER-requirement that a patent must be filed within one year of when a product or process was first offered for sale, put into public use, or was described in any printed publication. If this requirement is violated, the right to apply for a patent is forfeited patent - ANSWER-a grant from the federal government conferring the rights to exclude others from making, selling or using an invention for the term of the patent patent infringement - ANSWER-this is when one party engages in the unauthorized use of another's patent plant patents - ANSWER-patents that protect new varieties of plants that can be reproduced asexually by grafting or crossbreeding rather than by planting seeds provisional patent application - ANSWER-a part of patent law that grants "provisional rights" to an inventor for up to one year, pending the filing of a EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ complete and final application EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ secondary meaning - ANSWER-this arises when, over time, consumers start to identify a trademark with a specific product. service marks - ANSWER-similar to ordinary trademarks but used to identify the services or intangible activities of a business rather than a business's physical product trademark - ANSWER-any work, name, symbol or device used to identify the sources or origin of products or services and to distinguish those products and services from others trade secret - ANSWER-any formula, pattern, physical device, idea, process, or there information that provides the owner of the information with a competitive advantage in the marketplace Uniform Trade Secrets Act - ANSWER-drafted in 1979 by a special commission in an attempt to set nationwide standards for trade secret legislation; although the majority of states have adopted the act, most revised it, resulting in a wide disparity among states in regard to trade secret legislation and enforcement Utility patents - ANSWER-the most common type of patent covering that we generally think of a new inventions that must be useful, must be novel in relation to prior arts in the field, and must not be obvious to a person of ordinary skill in the field adverse selection - ANSWER-the challenge a firm must face as it grows such that as the number of employees a firm needs increases, it becomes more difficult to find the right employees, place them in appropriate positions, and provide adequate supervision core competencies - ANSWER-a unique skill or capability that transcends products or markets, makes a significant contribution to the customer's perceived benefit, is difficulty to imitate, and serves as a source of a firm's competitive advantage over its rivals economies of scale - ANSWER-a phenomenon that occurs when mass producing a product results in lower average costs economies of scope - ANSWER-the advantage a firm accrues through the scope (or range) of its operations rather than from the scale of its production entrepreneurial services - ANSWER-those services that generate new market, product and service ideas fixed costs - ANSWER-the costs that a company incurs in operating a business whether it sells something or not managerial capacity problem - ANSWER-the problem that arises when the EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ joint venture - ANSWER-an entity created when two or more firms pool a portion of their resources to create a separate, jointly owned organizations licensee - ANSWER-a company that purchases the right to use another company's intellectual property licensing - ANSWER-the granting of permission by one company to another company to use specific form of its intellectual property under clearly defined conditions licensing agreement - ANSWER-the formal contract between a licensor and licensee licensor - ANSWER-the company that owns the intellectual property in a licensing agreement link joint venture - ANSWER-a joint venture in which the position of the parties is not symmetrical and the objectives of the partners may diverge marketing alliances - ANSWER-typically matches a company with a distribution system with a company with a product to sell in order to increase sales of a product or service market penetration strategy - ANSWER-a strategy designed to increase the sales of a product or service through greater marketing efforts or through increased production capacity and efficiency merchandise and character licensing - ANSWER-the licensing of a recognized trademark or brand, which the licensor typically controls through a registered trademark or copyright merger - ANSWER-the pooling of interests to combine two or more firms into one new product development - ANSWER-the creation and sale of new products (or services) as a means of increasing a firm's revenues organic growth - ANSWER-internally generated growth within a firm that does not rely on outside intervention outsourcing - ANSWER-work that is done for a company by people other than the company's full-time employees product line extension strategy - ANSWER-a strategy that involves making additional versions of a product so they will appeal to different clientele scale joint venture - ANSWER-a joint venture in which the partners collaborate at a single point in the value chain to gain economies of scale in production or distribution EEE 2022/2023 FINAL EXAM QUESTIONS WITH CORRECT ANSWERS ASSUARED SUCCESS A+ spin-ins - ANSWER-a transaction that takes place when a large firm that has small equity stake in a small firm, decided to acquire a 100% interest in the firm spin-outs - ANSWER-the opposite of a spin-in that occurs when a larger company divests itself of one of its smaller divisions strategic alliance - ANSWER-a partnership between two or more firms that is developed to achieve a specific goal target - ANSWER-in an acquisition, the firm that is acquired technological alliances - ANSWER-business alliances that cooperate in R&D, engineering and manufacturing technology licensing - ANSWER-the licensing of proprietary technology, which the licensor typically controls by virtue of a utility patent